What is the definition of personal property?

The definition of personal property refers to ownership of anything that is not real estate. Personal property encompasses movable items that individuals or entities can own, which can include physical objects (like furniture, vehicles, and clothing) as well as intangible items (such as stocks and bonds). The distinction from real property, which relates to land and anything affixed to it, is a fundamental concept in property law.

This understanding is crucial because personal property is often contrasted with real property in legal contexts. Real property includes land and anything permanently attached (like buildings), while personal property can be transferred or moved without affecting the ownership of real estate. Therefore, identifying personal property as non-real estate aligns with traditional legal definitions and helps clarify the scope of ownership rights individuals have over various assets.